Supplier diversity spending update
By Staff -- Purchasing, 11/2/2006 2:00:00 AM
According to the National Minority Supplier Development Council (NMSDC), minority businesses represent 15% of all businesses in the U.S., but only 3% of gross receipts and 4% of corporate purchases. However, things are changing. According to the U.S. Bureau of the Census, while the total number of U.S. businesses increased by only 10% since the last economic census, minority business ownership increased much faster (a 24% increase in businesses owned by Asians, a 31% increase by Hispanics, and a 45% increase by African-Americans).
Corporations are working to stay abreast of the growth. According to the NMSDC (based on a survey of 3,500 corporations and 15,000 minority businesses), corporate spending with minority businesses has increased over the decades: $360 million in 1974; $6.6 billion in 1984; $27.3 billion in 1994; and $87.4 billion in 2004.
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